Alchian–Allen effect

Re:Alchian–Allen effect by lurquer on Tuesday November 13, 2018 @05:05PM (#18445364)

So that's why I go broke on vacations... I want to eat somewhere cheap and the wife says, "No, let's go to the expensive joint... we've already spent $x getting here, so an extra $50 won't make a difference!" Now I have a name for the phenomena.

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Re:Alchian–Allen effect by peterkshultz on Tuesday November 13, 2018 @07:20PM (#18446175)

I would call what you're experiencing the sunk cost fallacy [1].

[1]: https://en.wikipedia.org/wiki/Sunk_cost#Loss_aversion_and_th...

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Re:Alchian–Allen effect by lurquer on Tuesday November 13, 2018 @09:53PM (#18447082)

No. The sunk cost comes into play in explaining why we've gone to Disney World three time too many simply because we bought some multi-day package years ago. I hate Disney. She hates Dianey. But, we gotta use up the stinking tickets.

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